The Fed has piles and piles of dollar-coins that no one wants. How did they get there?
The government has been complaining it's broke, but NPR reports that more than a billion dollar-coins are sitting unused in government vaults. It cost more than $300 million of your tax dollars to produce these coins and now, apparently, no one wants them.
The surplus is the result of a program started in 2007 to put the images of every deceased U.S. president on the coins, in addition to the Sacagawea dollar-coins that the government still mints. The Fed is even running out of room to store them. Their solution: Build a new storage facility at the Federal Reserve Bank of Dallas, at a cost of approximately $650,000. The situation has gotten so bad that three Democratic Senators sent a letter on Monday to the Federal Reserve urging them to explain themselves.